StockNews.com Downgrades Washington Trust Bancorp (NASDAQ:WASH) to Sell

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Tuesday.

Separately, Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Performance

NASDAQ WASH opened at $32.83 on Tuesday. The business’s 50-day simple moving average is $34.21 and its 200-day simple moving average is $32.64. The firm has a market capitalization of $632.21 million, a P/E ratio of 12.30 and a beta of 0.81. Washington Trust Bancorp has a 1-year low of $24.11 and a 1-year high of $40.59. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. The firm had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. During the same period in the previous year, the company posted $0.65 earnings per share. Equities analysts predict that Washington Trust Bancorp will post 2.49 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its position in shares of Washington Trust Bancorp by 2.2% during the second quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock worth $773,000 after acquiring an additional 618 shares during the last quarter. American Century Companies Inc. increased its holdings in Washington Trust Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after purchasing an additional 40,122 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Washington Trust Bancorp by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock valued at $22,642,000 after purchasing an additional 59,115 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Washington Trust Bancorp by 56.6% in the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock valued at $2,979,000 after purchasing an additional 39,268 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Washington Trust Bancorp by 30.8% during the 2nd quarter. Sei Investments Co. now owns 15,669 shares of the financial services provider’s stock valued at $429,000 after buying an additional 3,687 shares during the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.